Taking into account the number of fixed deposits on NRI account that are set to mature in 2019, it is evident that India’s GDP is set to witness a significant change. The country at present holds about a total of $130.4 billion in NRI deposits. Such a high number of accounts are because Indian financial institutions continue to offer an attractive rate of interest on fixed deposits.
Considering the stringent laws about saving account owned by NRIs in India, these accounts are primarily done via two kinds of deposits – NRE and NRO. Of this, NRE is the most preferred one considering that it brings along the additional feature of providing robust security. While this deposit can be in the form of current, savings, recurring and fixed deposit, the latter is opted for its competitive rate of interest and non-taxable features. With reputed financial institutions, the interest rates may be up to 8.35% for cumulative interest for 36 months. Following the guaranteed attractive returns on FDs, multiple NRI accounts are now opting for term deposits and witnessing a significant boost while saving for the future.
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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